President Muhammadu buhari has directed the Central bank of Nigeria (CBN) to release the old N200 bank notes back into circulation as legal tender for 60 days from February 10, 2023 to April 10 2023 when it will cease to be legal tender.
The President who gave the directive during a Nationwide broadcast to the nation on Thursday morning said the old 200 naira note would henceforth circulate for 60days alongside the new 200,500 and 1000 notes as legal tender. This is coming on the heals of the Supreme Court interlocutory injunction that status quo be maintained on the new naira policy,until February 22.
The President, while expressing sympathy with Nigerians over the current cash crunch in the country explained that since the commencement of the program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
President buhari also directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
He directed the CBN to intensify collaboration with anti-corruption agencies, so as to ensure that any institution or persons found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
On the 2023 General elections, The President said he his aware that the new monetary policy has also contributed immensely to the minimization of the influence of money in politics in the country.
He described it as a positive departure from the past and represents a bold legacy step by his administration, towards laying a strong foundation for free and fair elections.
The Nigerian leader urged Nigerians to go out to vote for their candidates of choice without fear adding that security shall be provided and vote shall count.
The President however admonish Nigerians to eschew violence and avoid actions capable of disrupting the electoral processes.